The error would be at the hand of the title company and the searcher who didn't uncover the DOT to the OP.  

I have recently uncovered an off-market deal on a 29-unit apartment complex and need some help looking at the numbers and the potential pitfalls. 

My thoughts were, rent out the upstairs apartment, rent out each bay as covered storage for boats or rv's, rent out uncovered boat/rv storage on the remaining fenced-in land until I can get some storage buildings up.There are no storage facilities in my (very) small town right now.

That way, if the inspection uncovers potential issues you can re open negotiations.

If I wait until a property is under contract before paying for an inspection am I still able to back out of that deal and get my earnest money back should the inspection uncover things that are beyond what I was prepared for and/or expecting?

If you want to uncover hidden gems on MLS, consider.. at least consider getting your real estate license - else you are at the mercy of your realtorGO NATS !

There are a million more things to uncover.

Here are ways how to uncover the hidden fees.1.

In summary, a closer investigation into the land costs, soft costs and hard costs need to be uncovered to give a better idea what the capital requirements will be.

you can uncover attractive opportunities, but on a macro level it is not a great place to be; price appreciation and taxes could easily move against us over coming years.